According to the newspaper, the Binance exchange intends to halt cooperation with the payment processing corporation Advcash Wall Street Journal.
Binance ends payment partnership with Advcash. Photo: Proto
Binance will finish its partnership with Advanced Cash (or Advcash), a Belize-primarily based payments corporation, which served as a remittance bridge among sanctioned Russian banking institutions and the exchange.
WSJ: Binance programs to near a partnership with payments corporation Advcash that lets clients to transfer money held at sanctioned Russian banking institutions to the cryptocurrency exchange. Binance announced its partnership with Belize-registered Advanced Cash in 2019 for clients to…
— Wu Blockchain (@WuBlockchain) November 1, 2023
However, an Advcash spokesperson confirmed The block that the corporation has not nonetheless acquired any official info from Binance on the matter. The representative of the payment organization clarified:
“We strongly deny that Advcash assisted sanctioned banks and Binance. Advcash stopped processing RUB credit card deposits for its customers in March 2022.”
The Advcash representative additional that Advcash is a legal payment platform and is committed to complying with all applicable laws. Notably, the platform often focuses on screening consumers, refusing to serve these on the sanctions listing, often applying complete KYC and AML measures.
Binance to start with partnered with Advcash in 2019, to system payments in Russian rubles. At that time, consumers could deposit and withdraw rubles and effortlessly convert fiat currencies into cryptocurrencies.
Today’s move came following Binance announced it would depart the Russian marketplace, following allegations surfaced that it had circumvented authorities and aided Russia evade sanctions. At the identical time, Binance has “sold” itself to community exchange CommEx, but the closing system could consider up to a 12 months.
In relevant developments, Binance lately partnered with a quantity of new support companies to resume euro deposit and withdrawal actions for consumers, following one month of Paysafe unilaterally terminating the agreement.
Furthermore, the market’s greatest cryptocurrency trading platform was also accused by members of the US Congress final week of engaging in terrorist financing actions, relevant to the ongoing conflict among Israel and Hamas.
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